LEESA KOW, general manager, Jamaica National Money Services Limited (JNMS), says usage of the JN Money Transfer Card offered by its parent organisation, Jamaica National Building Society (JNBS), is growing as more Jamaicans adopt a cashless approach to conducting financial transactions.
Bank of Jamaica data indicate that transactions at automated banking machines (ABM) and point-of-sale (POS) terminals have increased significantly in volume since 2009, with transactions increasing at POS terminals from some 1.5 million transactions per month in 2009 to about 2.2 million per month in 2012, at a total value of over $17.4 billion at the end of 2012. And, the value of transactions in 2009 was approximately $8.6 billion.
Similarly, more persons are also opting to collect remittances using the JN Money Transfer Card, Kow says. The card, introduced in 2004 by JNBS in partnership with JNMS, has become a boon to recipients in Jamaica. It allows recipients to access funds received via money transfers using a debit-like electronic card at ABMs; to make purchases at point-of-sale terminals; and access merchant discounts.
The card is free to customers and can be used without charge at JNBS's 54 ABM locations.
"We have seen an 80 per cent increase in persons registering for the card in the past year alone; and, similarly, there has been a significant growth in the usage of the card to access money transfers," Kow said.
She also noted that there was an average increase of 16 per cent in funds sent to the card from overseas for the June to August period this year, when compared to the same period in 2012. There was also an average eight per cent increase in persons who used the cards to send funds across the island.